Page 65 - Global Economy
India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner
Gartner expects spending on devices and data centre systems in India to see their steepest declines in 2020, at -15.1 per cent and -13.2 per cent, respectively.
 "India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner")
Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis
Most of the reductions will take place this year, according to an internal memo said.
 "Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis")
Wealth managers advise clients to invest in US-oriented offshore products
International funds delivered 6.8% returns in one year, against large drawdowns in domestic funds
 "Wealth managers advise clients to invest in US-oriented offshore products")
Liquidity, labour and logistics are the key challenges: JSW Steel's Rao
Ensuring return of labour as important as sending them back home, says Seshagiri Rao
 "Liquidity, labour and logistics are the key challenges: JSW Steel's Rao")
Container vessel idling at 1-yr high as Covid-19 pandemic sinks sailing
The highest sailing cancellation since the Covid-19 outbreak was in February, registering a spike of 105 cancellations across Trans-Pacific, Asia-Europe, and the Mediterranean trades.
 "Container vessel idling at 1-yr high as Covid-19 pandemic sinks sailing")
Over 150 global firms urge govts to align Covid aid with climate science
The statement comes as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus
 "Over 150 global firms urge govts to align Covid aid with climate science")
Covid-19 crisis: World Bank to rescue with $160-billion aid to 100 nations
'Covid, shutdown may push as many as 60 mn people into extreme poverty'
 "Covid-19 crisis: World Bank to rescue with $160-billion aid to 100 nations")
I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman
Nirmala Sitharaman tells Indivjal Dhasmana & Nivedita Mookerji that the government has made sure that mistakes committed during 2008-2013 are not repeated while announcing the Rs 20-trillion package.
 "I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman")
Foreign investors pull out $26 bn from Asian economies; $16 bn from India
In Europe, over 30 million people in Germany, France, the UK, Spain, and Italy have applied for state support, while first quarter 2020 data indicates that the eurozone economy contracted by 3.8%
 "Foreign investors pull out $26 bn from Asian economies; $16 bn from India")
Oil prices ease on dim economic outlook despite signs of firmer demand
Brent crude futures for July delivery were trading down 11 cents, or 0.3 per cent, at $34.54 per barrel at 0031 GMT
 "Oil prices ease on dim economic outlook despite signs of firmer demand")
India's account surplus to touch $20 bn in FY21 due to Covid-19: Barclays
The country has been perennially struggling with huge current account deficits.
 "India's account surplus to touch $20 bn in FY21 due to Covid-19: Barclays")
WTO reforms have to factor in interests of all, says Suresh Prabhu
"WTO's reforms have to take into account the interests of all members. It has to come out with a forward-looking agenda in an inclusive manner," Prabhu said
 "WTO reforms have to factor in interests of all, says Suresh Prabhu")
Coronavirus outbreak to leave a legacy of unprecedented global debt
Central banks and govts worldwide have unleashed at least $15 trillion of stimulus via bond-buying and budget spending to cushion the blow of a global recession tipped to be the worst since the 1930s.
 "Coronavirus outbreak to leave a legacy of unprecedented global debt")
Covid-19 could cause economic loss up to $8.8 trn, 9.7% of global GDP: ADB
Nearly 300,000 people worldwide have died from complications from the virus, which has infected more than 4.3 million people
 "Covid-19 could cause economic loss up to $8.8 trn, 9.7% of global GDP: ADB")
Covid-19 crisis: Jerome Powell warns of lasting harm; US stocks slump
The Dow Jones Industrial Average was down 496.84 points, or 2.09 per cent, at 23,267.94, the S&P 500 was down 52.72 points, or 1.84 per cent, at 2,817.40 (at 9:37 pm IST).
 "Covid-19 crisis: Jerome Powell warns of lasting harm; US stocks slump")
UN lowers India growth rate projection to 1.2% in 2020, to recover in 2021
India's economic growth is forecast to slow to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019
 "UN lowers India growth rate projection to 1.2% in 2020, to recover in 2021")
China's exports up 3.5% in April despite coronavirus hitting demand
Economists had forecast that exports would shrink by 11% while imports would contract by 10%.
 "China's exports up 3.5% in April despite coronavirus hitting demand")
Gold prices slip as easing lockdown restrictions boost risk sentiment
Italy and the United States were among a slew of countries tentatively easing coronavirus lockdowns on Monday to revive economies
 "Gold prices slip as easing lockdown restrictions boost risk sentiment")
Let the enterprise of our people take its course, Rajan tells Rahul Gandhi
Rajan said,the elements of creating capabilities is better education, better health care, better infrastructure
 "Let the enterprise of our people take its course, Rajan tells Rahul Gandhi")
Global energy demand will fall 6% in 2020: International Energy Agency
The decline is equivalent to losing the entire energy demand of India, the world's third-largest energy consumer
 "Global energy demand will fall 6% in 2020: International Energy Agency")